December 2013

Many corporate performance management vendors have been promoting the use of spreadsheet alternatives when it comes to streamlining and securing finance, accounting and businesses processes.

However, before you think about replacing the spreadsheets, templates, models and formulas you and your team have devoted an extraordinary amount of time and effort to, you may want to consider the results of the following survey conducted by BPM Partners.

An independent overview of the current business performance management landscape reveals that a vast majority of companies surveyed supplement their performance management solutions with spreadsheets.

Continue reading Spreadsheet Alternatives: 81% of Companies Supplement Their CPM Solution with Spreadsheets

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According to a survey conducted by BPM Partners, entitled “The Pulse of Performance Management 2013: What You Need to Know for Budgeting, Reporting, and Financial Consolidation Success”, the following are commonly cited reasons for dissatisfaction with the budgeting process:

  • The process is exceedingly time-consuming and labour-intensive
  • Manual data entry and management is error-prone and reduces the amount of time available for more value-added work, such as analysis and planning.
  • Data accuracy is frequently compromised: the process of manually entering and managing data increases the possibility that budget models will be unreliable due to mistyped data, broken formulas, missing links, logic errors, etc.
  • Collaboration is not supported
  • Calculations are difficult to audit
  • Modeling features are inadequate
  • Users have limited ownership and accountability
  • End result can be out-of-date
  • Budgeting process is not integrated with performance reporting

Such issues are normally experienced by users of spreadsheet-only budgeting (or spreadsheet-intensive) solutions. According to the authors of the survey, when organizations experience one or more of these issues, it’s time for them to seriously consider adopting a packaged application.

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